High Quality Jewelers Uses the Perpetual Inventory System

Multiple Choice

High Quality Jewelers uses the perpetual inventory system.On March 3,High Quality sold merchandise for $50,000 to a customer on account with terms 4/15,n/30.The cost of goods sold was $20,000.On March 18,High Quality received payment from the customer.Calculate the amount of gross profit.

A) $48,000
B) $30,000
C) $28,000
D) $20,000